That's right, Not all Pre-approvals are the same! As a matter of fact, some aren't worth the paper they are printed on!! I know you may think that is a bold statement, but I have seen approval letters written for clients where the lender never even ran their credit! How can they possibly be pre-approved??
Another favorite question I ask those who have been approved is "Did you supply copies of your paystubs, w-2's, and bank statements?" Do you know how many have supplied proof?? Almost NONE!! Or, many times I have met a new client who was approved somewhere for a particular number but had no idea what their payment was going to be, or even how much they needed for closing costs. If you are going to get pre-approved, please make sure your getting pre-approved the right way.
When I approve my clients, we go over the down payments, monthly payments, closing costs, options for paying points, tax advantages of owning, and I will even send them to a real estate agent that will help them structure a contract that benefits them!! Then I issue a loan approval and they go shopping for a home. This way there are no surprises!!
Wednesday, November 28, 2007
Is Zero Down Financing Dead?
Absolutely not! Yes it is true that many of the mortgage guidelines have tightened and many programs have been discontinued due to the meltdown in the subprime lending sector. This so -called meltdown has impacted lending practices and has taken its toll on the stated income, subprime and even the Alt "A" loans.
HOWEVER, if you have decent credit and can verify your income, there are still many, many little or NO Down Payment loans available. This is a buyers market for the Full documentation and good credit borrowers!! In addition to Fannie Mae & Freddie Mac both offering their proprietary zero down products, the FHA is still lending to borrowers with 2.25% down, and the seller is allowed to pay your closing costs.
If you've been waiting to buy because you didn't have a down payment, Don't wait any longer!! With interest rates at the lowest point we've seen in years, and housing inventory is at the highest levels we have seen in years, it is a buyers market!!
Do you want to buy a house?? It all starts with a FREE E-Kit. A mini website delivered to you via e-mail. Visit my website at www.ZeroDownNJ.com to get yours today!! To find out if you can buy with Zero Down, and how much you can qualify for, contact me for a no obligation mortgage consultation. I look forward to speaking with you soon!!
Yes you can own a home of your own with little or No Money Down in 90 days or less!!!
HOWEVER, if you have decent credit and can verify your income, there are still many, many little or NO Down Payment loans available. This is a buyers market for the Full documentation and good credit borrowers!! In addition to Fannie Mae & Freddie Mac both offering their proprietary zero down products, the FHA is still lending to borrowers with 2.25% down, and the seller is allowed to pay your closing costs.
If you've been waiting to buy because you didn't have a down payment, Don't wait any longer!! With interest rates at the lowest point we've seen in years, and housing inventory is at the highest levels we have seen in years, it is a buyers market!!
Do you want to buy a house?? It all starts with a FREE E-Kit. A mini website delivered to you via e-mail. Visit my website at www.ZeroDownNJ.com to get yours today!! To find out if you can buy with Zero Down, and how much you can qualify for, contact me for a no obligation mortgage consultation. I look forward to speaking with you soon!!
Yes you can own a home of your own with little or No Money Down in 90 days or less!!!
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